According to our investigation, VeriFone concealed the following information from the investing public from March 5, 2012 to February 20, 2013: (a) VeriFone was improperly recognizing revenue to, among others things, calculate organic growth by claiming revenue from recently acquired companies as revenue organic to VeriFone, itself; (b) VeriFone's integration of acquired companies was being plagued by problems, the result of which was that none of the synergies and revenues anticipated were being realized; (c) VeriFone's was failing to execute on its Washington, D.C. contract to install and support payment systems in 6,500 taxis the result of which was that the contract was being cancelled; (d) VeriFone's strategic plan to transition from a product sales company to a service provider company was not being executed and was distracting the company from systems upgrades and hardware sales to customers; and (e) As a result, VeriFone lacked a reasonable basis upon which to make its financial projections throughout 2012 and the first and second quarters of 2013.